September 3, 2007
To SEC officials...
I would simply like to urge you to completely eliminate any exemption currently allotted to "market makers" which allow them to generate "naked short" sells....also known as "FTD's". I don't want them to have an exemption for purposes of 'hedging' or 'market liquidity'....or for any reason what so ever.
These 'exemptions' are nothing more than a 'pass' to 'legally' counterfeit shares and continue raping the retail investor.
All one has to do is look at examples like Overstock (OSTK) to realize the SEC is complicit in this organized criminal activity.
I don't believe for a second that the SEC is seriously considering reforms which would insure a truly 'level playing field'....but I send my views in any way.
The SEC, IMO, is a criminal enterprise whose main objective seems to be to provide cover for the large Investment Banks.
Many foreign exchanges don't even allow 'shorting'...let alone 'naked shorting'. Why should anyone or any entity be allowed to manufacture shares? Why should they not be forced, under threat of serious penalty, to locate and purchase shares immediately to cover short positions? Why should they get 35 days for crying out loud?
Why hasn't the SEC gotten off its corrupt ass and forced the short shares in OSTK to be covered...instead of allowing that company and so many others to remain on the Reg SHO list for hundreds of days? Why aren't the criminal offenders behind bars? Why are companies having to sue the Investment Banks and huge hedge funds for hundreds of millions...even billions of dollars? Why is the SEC's own enforcement division slammed when they attempt to investigate corruption? The answers are simple and obvious...as I have stated - The SEC is a corrupt organization....corrupt from the very top down.
So continue with your little pretense, keep delaying, keep granting absurd exemptions, keep covering for the criminals just as you always have...but you are fooling less and less of the people.